The bill S. 538 aims to amend the South Carolina Code of Laws regarding agricultural property tax exemptions. Specifically, it modifies Section 12-37-220 to clarify that farm buildings and structures eligible for tax exemptions must be located on property that receives the agricultural assessment ratio. The bill defines "farm buildings and agricultural structures" to include those used for housing livestock, poultry, crops, and farm equipment, while also specifying that self-propelled farm machinery is included, excluding motor vehicles licensed for highway use.

Additionally, the bill amends Section 12-43-220 to allow taxpayers to apply for refunds on property taxes that were overpaid due to the property being eligible for the agricultural assessment ratio. This provision ensures that taxpayers can seek reimbursement if they can demonstrate that their property was utilized for agricultural purposes. The act will take effect upon approval by the Governor.

Statutes affected:
04/03/2025: 12-37-220, 12-43-220
Latest Version: 12-37-220, 12-43-220